TEL AVIV, Israel, Nov. 28, 2017 /PRNewswire/ -- Ellomay Capital
Ltd. (NYSE American; TASE: ELLO) ("Ellomay" or the
"Company"), an emerging operator in the renewable energy and
energy infrastructure sector, today reported the publication in
Israel of financial statements for
the three and nine months ended September
30, 2017 of Dorad Energy Ltd. ("Dorad"), in which
Ellomay currently indirectly holds approximately 9.4%.
On November 27, 2017, Amos Luzon
Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.)
(the "Luzon Group"), an Israeli public company that
currently holds 50% of U. Dori Energy Infrastructures Ltd.
("Dori Energy"), which, in turn, holds 18.75% of Dorad,
published its quarterly report in Israel based on the requirements of the
Israeli Securities Law, 1968. Based on applicable regulatory
requirements, the quarterly report of the Luzon Group includes the
financial statements of Dorad for the same period.
The financial results of Dorad for the quarter ended
September 30, 2017 were prepared in
accordance with International Financial Reporting Standards.
Ellomay will include its indirect share of these results (through
its holdings in Dori Energy) in its financial results for this
period, which are currently expected to be published on or about
December 20, 2017. In an effort
to provide Ellomay's shareholders with access to Dorad's financial
results (which were published in Hebrew), Ellomay hereby provides a
convenience translation of Dorad's financial results.
Dorad Financial Highlights
- Dorad's unaudited revenues for the three months ended
September 30, 2017 - approximately
NIS 716.2 million (or approximately
USD 202.9 million, based on the
exchange rate on September 30,
2017).
- Dorad's unaudited operating profit for the three months ended
September 30, 2017 - approximately
NIS 135.4 million (or approximately
USD 38.4 million, based on the
exchange rate on September 30,
2017).
Based on the information provided by Dorad, the demand for
electricity by Dorad's customers is seasonal and is affected by,
inter alia, the climate prevailing in that season. The months of
the year are split into three seasons as follows: the summer season
– the months of July and August; the winter season - the months of
December, January and February; and intermediate seasons – (spring
and autumn), the months from March to June and from September to
November. There is a higher hourly demand for electricity during
the winter and summer seasons, and the average electricity
consumption per hour is higher in these seasons than in the
intermediate seasons and is even characterized by peak demands due
to extreme climate conditions of heat or cold. In addition, Dorad's
revenues are affected by the change in load and time tariffs - TAOZ
(an electricity tariff that varies across seasons and across the
day in accordance with demand hour clusters), as, on average, TAOZ
tariffs are higher in the summer season than in the intermediate
and winter seasons. Therefore, the results presented for the
quarter ended September 30, 2017,
which include the summer months of July and August and the
intermediate month of September, are not indicative of full year
results.
A translation of the financial results for Dorad as of and for
the year ended December 31, 2016 and
as of and for the three and nine month periods ended September 30, 2016 and 2017 is included at the
end of this press release. Ellomay does not undertake to
separately report Dorad's financial results in a press release in
the future. Neither Ellomay nor its independent public accountants
have reviewed or consulted with the Amos Luzon
Entrepreneurship and Energy Group Ltd., Dori Energy or Dorad
with respect to the financial results included in this press
release.
On October 1, 2017, Eilat Ashkelon
Infrastructure Services Ltd. ("EAIS"), which holds 37.5% of
Dorad's shares, filed a statement of claim in the arbitration
proceedings held in connection with the petition to approve a
derivative claim (the "Claim") filed by Dori Energy and
Hemi Raphael against the other two
shareholders of Dorad, Zorlu Enerji Elektrik Uretim A.S and Edelcom
Ltd. ("Edelcom") and several other plaintiffs, in connection
with the engineering, procurement & construction contractor of
the power plant held by Dorad. In its statement of claim, EAIS
joins Dori Energy's and Mr. Raphael's request as set forth in the
Claim and raises claims that are similar to the claims raised by
Dori Energy and Mr. Raphael in the Claim. Following EAIS's filing,
the arbitrator determined the dates for filing responses on behalf
of the plaintiffs and determined dates for the final preliminary
hearing (scheduled for January 1,
2018) and for the discovery process.
On October 26, 2017, Edelcom filed
an appeal with respect to the ruling of the Israeli District Court
issued on August 31, 2017, in which
the Court ruled that a pledge on Dori Energy's shares held by the
Luzon Group (as contemplated by the Luzon Group in its prospectus
governing the debentures issued by the Luzon Group in Israel) does not provide a right of first
refusal to Dorad's other shareholders.
As reported in Dorad's financial statements for the three and
nine month periods ended September 30,
2017, on October 30, 2017,
Dorad signed an agreement with Energian Israel Ltd. regarding the
possible acquisition of natural gas from the Karish and Tanin
reserves held by it (which are expected to complete construction by
the end of 2020), to purchase natural gas in a cumulative volume of
approximately 6 BCM over a period of 14 years. The agreement
between Dorad and Energian Israel Ltd. is subject to conditions
precedent.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE American and with the Tel Aviv Stock Exchange under
the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its
business in the energy and infrastructure sectors worldwide.
Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier
of wide format and super-wide format digital printing systems and
related products worldwide, and sold this business to
Hewlett-Packard Company during 2008 for more than $100 million.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approximately 22.6MW of photovoltaic power plants in
Italy, approximately 7.9MW of
photovoltaic power plants in Spain
and a photovoltaic power plant of approximately 9 MW in
Israel;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and
operates one of Israel's largest
private power plants with production capacity of approximately 850
MW, representing about 6%-8% of Israel's total current electricity
consumption;
- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and
Ellomay Pumped Storage (2014) Ltd., all of which are involved in a
project to construct a 340 MW pumped storage hydro power plant in
the Manara Cliff, Israel;
- 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V.,
project companies developing anaerobic digestion plants with a
green gas production capacity of approximately 375 Nm3/h, in Goor,
the Netherlands and 475 Nm3/h, in
Oude Tonge, the Netherlands,
respectively.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich. Mr. Nehama is one of
Israel's prominent businessmen and
the former Chairman of Israel's
leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both
have vast experience in financial and industrial businesses. These
controlling shareholders, along with Ellomay's dedicated
professional management, accumulated extensive experience in
recognizing suitable business opportunities worldwide. Ellomay
believes the expertise of Ellomay's controlling shareholders and
management enables the Company to access the capital markets, as
well as assemble global institutional investors and other potential
partners. As a result, we believe Ellomay is capable of considering
significant and complex transactions, beyond its immediate
financial resources.
For more information about Ellomay, visit
http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions of
management are forward-looking statements. The use of certain
words, including the words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations
disclosed in the forward-looking statements and you should not
place undue reliance on the Company's forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
our forward-looking statements, such as regulatory changes, changes
in demand, technical and other disruptions in the operations of the
power plant operated by Dorad and changes in the prices of natural
gas. These and other risks and uncertainties associated with the
Company's business are described in greater detail in the filings
the Company makes from time to time with Securities and Exchange
Commission, including its Annual Report on Form 20-F. The
forward-looking statements are made as of this date and the Company
does not undertake any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Dorad Energy
Ltd.
|
Interim Condensed
Statements of Financial Position
|
|
|
|
September
30
|
September
30
|
December
31
|
|
|
2017
|
2016
|
2016
|
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
|
308,106
|
215,072
|
80,967
|
Trade
receivables
|
|
296,623
|
227,405
|
294,351
|
Other
receivables
|
|
82,018
|
17,615
|
37,174
|
Total current
assets
|
|
686,747
|
460,092
|
412,492
|
|
|
|
|
|
|
|
|
|
|
Restricted
deposit
|
|
395,661
|
408,043
|
411,574
|
Prepaid
expenses
|
|
44,350
|
45,502
|
45,938
|
Fixed
asset
|
|
4,058,427
|
4,231,913
|
4,170,151
|
Intangible
assets
|
|
6,683
|
8,297
|
8,551
|
Total non-current
assets
|
|
4,505,121
|
4,693,755
|
4,636,214
|
|
|
|
|
|
Total
assets
|
|
5,191,868
|
5,153,847
|
5,048,706
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current maturities of
loans from banks
|
|
252,000
|
234,680
|
197,389
|
Current maturities of
loans from related parties
|
|
70,000
|
70,000
|
80,000
|
Trade
payables
|
|
413,988
|
267,688
|
293,613
|
Other
payables
|
|
4,628
|
10,818
|
9,152
|
Financial
derivatives
|
|
3,372
|
1,574
|
-
|
Total current
liabilities
|
|
743,988
|
584,760
|
580,154
|
|
|
|
|
|
|
|
|
|
|
Loans from
banks
|
|
3,274,223
|
3,464,531
|
3,367,832
|
Loans from related
parties
|
|
120,404
|
156,946
|
151,638
|
Provision for
dismantling and restoration
|
|
36,103
|
35,567
|
35,700
|
Deferred tax
liabilities, net
|
|
89,473
|
71,102
|
65,618
|
Liabilities for
employee benefits, net
|
|
160
|
160
|
160
|
Total non-current
liabilities
|
|
3,520,363
|
3,728,306
|
3,620,948
|
|
|
|
|
|
Equity
|
|
|
|
|
Share
capital
|
|
11
|
11
|
11
|
Share
premium
|
|
642,199
|
642,199
|
642,199
|
Capital reserve from
activities with shareholders
|
|
3,748
|
3,748
|
3,748
|
Retained
earnings
|
|
281,559
|
194,823
|
201,646
|
Total
equity
|
|
927,517
|
840,781
|
847,604
|
|
|
|
|
|
Total liabilities
and equity
|
|
5,191,868
|
5,153,847
|
5,048,706
|
Dorad Energy
Ltd.
|
Interim Condensed
Statements of Profit and Loss
|
|
|
For the nine
months ended
|
For the three
months ended
|
Year
ended
|
|
September
30
|
September
30
|
December
31
|
|
2017
|
2016
|
2017
|
2016
|
2016
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
|
|
Revenues
|
1,927,460
|
1,739,691
|
716,171
|
613,233
|
2,299,565
|
|
|
|
|
|
|
Operating costs of
the
Power Plant
|
|
|
|
|
|
Energy
costs
|
480,876
|
419,033
|
189,081
|
134,223
|
550,401
|
Electricity purchase
and
|
|
|
|
|
|
infrastructure
services
|
914,350
|
813,480
|
310,939
|
269,846
|
1,104,826
|
Depreciation and
amortization
|
150,147
|
157,811
|
52,513
|
52,480
|
209,057
|
Other operating
costs
|
81,275
|
102,815
|
23,360
|
37,626
|
141,132
|
|
|
|
|
|
|
Total operating
cost of
Power Plant
|
1,626,648
|
1,493,139
|
575,893
|
494,175
|
2,005,416
|
|
|
|
|
|
|
Profit from
operating the
|
|
|
|
|
|
Power
Plant
|
300,812
|
246,552
|
140,278
|
119,058
|
294,149
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
|
expenses
|
13,497
|
13,612
|
4,921
|
4,867
|
19,178
|
|
|
|
|
|
|
Operating
profit
|
287,315
|
232,940
|
135,357
|
114,191
|
274,971
|
|
|
|
|
|
|
Financing
income
|
2,427
|
1,429
|
617
|
(768)
|
7,025
|
Financing
expenses
|
(185,974)
|
(179,766)
|
(35,230)
|
(70,963)
|
(226,054)
|
Financing
expenses, net
|
(183,547)
|
(178,337)
|
(34,613)
|
(71,731)
|
(219,029)
|
|
|
|
|
|
|
Profit before
taxes
|
|
|
|
|
|
on
income
|
103,768
|
54,603
|
100,744
|
42,460
|
55,942
|
|
|
|
|
|
|
Taxes on
income
|
(23,855)
|
(10,220)
|
(23,168)
|
(10,627)
|
(4,736)
|
|
|
|
|
|
|
Profit for
the period
|
79,913
|
44,383
|
77,576
|
31,833
|
51,206
|
Dorad Energy
Ltd.
|
|
Interim Condensed
Statements of Changes in Shareholders' Equity
|
|
|
|
|
Capital
reserve
|
|
|
|
Share
|
Share
|
for activities
with
|
Retained
|
|
|
capital
|
premium
|
shareholders
|
earnings
|
Total
Equity
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
|
|
|
|
|
|
For the nine
month period ended
|
|
|
|
|
|
|
September
30, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
January 1,
2017 (Audited)
|
11
|
642,199
|
3,748
|
201,646
|
847,604
|
|
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
79,913
|
79,913
|
|
|
|
|
|
|
|
|
Balance as at
September 30,
|
|
|
|
|
|
|
2017
(Unaudited)
|
11
|
642,199
|
3,748
|
281,559
|
927,517
|
|
|
|
|
|
|
|
|
For the nine
month period ended
|
|
|
|
|
|
|
September
30, 2016 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
January 1,
2016 (Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
|
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
44,383
|
44,383
|
|
|
|
|
|
|
|
|
Balance as at
September 30,
|
|
|
|
|
|
|
2016
(Unaudited)
|
11
|
642,199
|
3,748
|
194,823
|
840,781
|
|
|
|
|
|
|
|
|
For the three
month period ended
|
|
|
|
|
|
|
September
30, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
July 1, 2017
(Unaudited)
|
11
|
642,199
|
3,748
|
203,983
|
849,941
|
|
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
77,576
|
77,576
|
|
|
|
|
|
|
|
|
Balance as at
September 30,
|
|
|
|
|
|
|
2017
(Unaudited)
|
11
|
642,199
|
3,748
|
281,559
|
927,517
|
|
|
|
|
|
|
|
|
For the three
month period ended
|
|
|
|
|
|
|
September 30, 2016
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
July 1, 2016
(Unaudited)
|
11
|
642,199
|
3,748
|
162,990
|
808,948
|
|
|
|
|
|
|
|
|
Profit for the
period
|
-
|
-
|
-
|
31,833
|
31,833
|
|
|
|
|
|
|
|
|
Balance as at
September 30,
|
|
|
|
|
|
|
2016
(Unaudited)
|
11
|
642,199
|
3,748
|
194,823
|
840,781
|
|
|
|
|
|
|
|
|
For the year
ended
|
|
|
|
|
|
|
December 31, 2016
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
at
|
|
|
|
|
|
|
January 1, 2016
(Audited)
|
11
|
642,199
|
3,748
|
150,440
|
796,398
|
|
|
|
|
|
|
|
|
Profit for the
year
|
-
|
-
|
-
|
51,206
|
51,206
|
|
|
|
|
|
|
|
|
Balance as at
December 31,
|
|
|
|
|
|
|
2016
(Audited)
|
11
|
642,199
|
3,748
|
201,646
|
847,604
|
|
|
|
|
|
|
|
|
Dorad Energy
Ltd.
|
Interim Condensed
Statements of Cash Flows
|
|
|
For the nine
months ended
|
For the three
months ended
|
Year
ended
|
|
September
30
|
September
30
|
December
31
|
|
2017
|
2016
|
2017
|
2016
|
2016
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
NIS
thousands
|
Cash flows from
operating
|
|
|
|
|
|
activities:
|
|
|
|
|
|
Profit for the
period
|
79,913
|
44,383
|
77,576
|
31,833
|
51,206
|
Adjustments:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
and fuel
consumption
|
213,751
|
171,941
|
70,845
|
57,862
|
238,484
|
Taxes on
income
|
23,855
|
10,220
|
23,168
|
10,627
|
4,736
|
Financing expenses,
net
|
183,547
|
178,337
|
34,613
|
71,731
|
219,029
|
|
421,153
|
360,498
|
128,626
|
140,220
|
462,249
|
|
|
|
|
|
|
Change in trade
receivables
|
(1,692)
|
52,185
|
(30,794)
|
49,219
|
(14,761)
|
Change in other
receivables
|
(61,955)
|
14,379
|
(1,600)
|
776
|
(5,179)
|
Change in trade
payables
|
107,940
|
23,566
|
71,234
|
(57,262)
|
48,807
|
Change in other
payables
|
(1,078)
|
1,714
|
1,308
|
1,553
|
677
|
|
43,215
|
91,844
|
40,148
|
(5,714)
|
29,544
|
Net cash
flows provided by
|
|
|
|
|
|
operating
activities
|
544,281
|
496,725
|
246,350
|
166,339
|
542,999
|
|
|
|
|
|
|
Cash flows used
in
|
|
|
|
|
|
investing
activities
|
|
|
|
|
|
Payments for
settlement of
|
|
|
|
|
|
financial
derivatives
|
(7,018)
|
(2,670)
|
(2,385)
|
(1,305)
|
(2,017)
|
Release of pledged
deposit
|
-
|
29,486
|
-
|
29,486
|
29,486
|
Insurance proceeds in
respect of
|
|
|
|
|
|
damage to fixed
asset
|
15,444
|
-
|
15,444
|
-
|
-
|
Investment in
long-term restricted
|
|
|
|
|
|
deposits
|
(21,000)
|
(143,891)
|
-
|
(103,500)
|
(143,891)
|
Release of long-term
restricted
|
|
|
|
|
|
deposits
|
25,790
|
70,000
|
-
|
-
|
70,000
|
Long-term prepaid
expenses
|
-
|
(90)
|
-
|
-
|
(1,056)
|
Investment in fixed
assets
|
(95,277)
|
(21,221)
|
(41,491)
|
(5,442)
|
(25,415)
|
Investment in
intangible assets
|
(258)
|
(1,864)
|
-
|
(110)
|
(2,804)
|
Interest
received
|
1,847
|
196
|
617
|
75
|
624
|
Net Cash flows
used in
|
|
|
|
|
|
investing
activities
|
(72,331)
|
(70,054)
|
(19,674)
|
(80,796)
|
(75,073)
|
|
|
|
|
|
|
Cash flows from
financing
|
|
|
|
|
|
activities:
|
|
|
|
|
|
Receipt of long-term
loans
|
|
|
|
|
|
from related
parties
|
-
|
16,689
|
-
|
16,689
|
16,689
|
Receipt of long-term
loans from banks
|
-
|
242,772
|
-
|
242,772
|
242,772
|
Repayment of
long-term loans
|
|
|
|
|
|
from related
parties
|
(39,628)
|
(147,219)
|
-
|
(147,219)
|
(147,219)
|
Repayment of loans
from banks
|
(85,112)
|
(73,460)
|
-
|
-
|
(143,896)
|
Interest
paid
|
(121,093)
|
(302,676)
|
(228)
|
(199,997)
|
(408,071)
|
Net cash flows
used in
|
|
|
|
|
|
financing
activities
|
(245,833)
|
(263,894)
|
(228)
|
(87,755)
|
(439,725)
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
|
|
|
and cash
equivalents for the period
|
226,117
|
162,777
|
226,448
|
(2,212)
|
28,201
|
|
|
|
|
|
|
Effect of exchange
rate
|
|
|
|
|
|
fluctuations
on cash and cash
|
|
|
|
|
|
equivalents
|
1,022
|
401
|
345
|
69
|
872
|
|
|
|
|
|
|
Cash and cash
equivalents at
|
|
|
|
|
|
beginning of
period
|
80,967
|
51,894
|
81,313
|
217,215
|
51,894
|
|
|
|
|
|
|
Cash and cash
equivalents at
|
|
|
|
|
|
end of
period
|
308,106
|
215,072
|
308,106
|
215,072
|
80,967
|
|
|
|
|
|
|
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: miria@ellomay.com
View original
content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-publication-of-financial-results-of-dorad-energy-ltd-for-the-three-and-nine-months-ended-september-30-2017-300562651.html
SOURCE Ellomay Capital Ltd